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FINANCIAL NEWS IN A NUT SHELL

Yatheendradas C.k. at 08:43 AM - Jul 26, 2017 ( ) Views: 166

The old 500 and 1,000 rupee notes are being
reconciled and processed by the RBI for verifying
numerical accuracy and authencity
and the
progress is being closely monitored, Finance
Minister Arun Jaitley said today.
‐Deccan Chronicle


As many as 10 PSBs including Bank of India, IDBI
Bank and Union Bank, have submied
their
turnaround plans to the Government, which is a
pre‐requisite for geng
fund infusion, Parliament
was informed today. Allahabad Bank, Andhra
Bank, Central Bank of India, Dena Bank, UCO
Bank, United Bank of India and Bank of
Maharashtra are the other PSBs who have
submied
their plans. Indian Overseas Bank is
currently in the process of preparing its
turnaround plan, said Minister of State for
Finance Santosh Kumar Gangwar in a wrien
reply in Rajya Sabha.
‐Economic Times


IBA has termed as false and baseless reports
doing the rounds in social media about the
adverse financial strength and future of some
PSBs arising out of RBI’s prompt correcve
acon
(PCA).The Associaon
said the PCA framework,
which has been in existence since 2002, has been
iniated
by the RBI in respect of some PSBs
where certain thresholds on capital and asset
quality have been breached.
“The correcve
measures under PCA will help improve the overall
performance of these banks. IBA assures the
general public and depositors that there is no
cause for fear or panic and they should not fall
prey to false reports and their money is safe,
” the
IBA said in a statement.
‐Business Line


A combined 5,076 cases of acve
banking
frauds involving Rs 1 lakh or more causing losses
of Rs 16,78,853 lakh were reported by 76 banks
during 2016‐17, Parliament was informed today.
In a wrien
reply to the Rajya Sabha, Minister of
State for Finance Santosh Kumar Gangwar said
SBI reported 544 cases of such frauds that
caused a loss of Rs 1,91,295 lakh. The minister
further said that for ICICI Bank, the number of
cases is 688 causing loss of Rs 36,844 lakh.
‐Economic Times


In a reply to the Rajya Sabha, Minister of State
for Finance Santosh Kumar Gangwar said PSBs
received 81,309 complaints about working style
in 2016‐17, of which 77,291 were disposed of. SBI
received maximum complaints (30,581), followed
by PNB (6,227), Canara Bank (5,248) and Bank of
Baroda (5,043).
‐Economic Times


In the past 3 years and 3 months, banks lost Rs
88,553 every hour on an average to cybercrime.
The total money lost from April 1, 2014 to June
30, 2017 was Rs 252 crore. Nearly 40 cases of
cybercrime cosng
Rs 21.24 lakh a day on an
average have been reported by banks in the said
period, shows data of 102 banks of all categories
obtained from the the RBI. In all, 46,612 cases
were reported in the said period. The data is
compiled from frauds related to credit, debit and
ATM cards and internet banking.
‐Economic Times


HDFC Bank blamed farm loan waivers for a jump
in NPAs, stang
that 60% of incremental bad
loans was from the agri segment. The bank said
that ancipaon
of waivers led to farmers from
several states avoiding loan repayment.
‐Economic Times
Axis Bank has rubbished a report that claimed
that its MD Shikha Sharma may be joining
the Tata Group to lead the firm's financial
services vercal.
“There is a laid down process
that the board undertakes at regular intervals,
but to conclude that there is going to be a change
of leadership is enrely
premature and
speculave,
" the bank said in a statement.
‐Economic Times


HDFC MD Aditya Puri today said iniang
insolvency proceedings is not the "best soluon"
to fight the bad loan issue and advocated using
the recently introduced law only in cases of wilful
default.
‐Economic Times


Axis Bank reported a smaller‐than‐expected fall
in first‐quarter net profit as its bad loan addions
slowed. Net profit was down 16% at Rs 1,306
crore for the 3 months ended June 30, against Rs
1,556 crore a year ago.
‐Business Line


Standard Chartered Bank has launched a
Mul‐currency
Forex Card for overseas travellers.
The card will allow customers the convenience of
loading up to 20 widely used currencies on one
card with an online reload facility during
overseas travel. The bank, in a statement, said
the card will offer travellers protecon
against
the frequent currency fluctuaons
by locking in
the currency exchange rate they availed during
the me
of loading the card, and not pay
different rates every me
they use the card.
‐Business Line


According to Paresh Sukthankar, deputy MD,
HDFC Bank, customers who were earlier using
their debit cards only for ATM withdrawals are
now using them for transacons
at shops.
"In
terms of teller transacons
at branches as well as
ATMs, we have seen a reducon
or flaening
out
in those channels,
" he said. According to
Sukthankar, the bank took advantage of this
change in customer behaviour to close down a
few ATMs and now plans to shi
them to other
centres where they are likely to be used.
‐Economic Times


In a rebual
to Essar Steel's claims that SBI's
applicaon
in the Naonal
Company Law
Tribunal was invalid, the lead lender told the
Ahmedabad bench that under secon
76 and 77
of SBI Act 1955, the signatory was authorised to
iniate
insolvency proceedings. The ongoing
hearing of insolvency proceedings against Essar
Steel iniated
by SBI and Standard Chartered
Bank at the NCLT bench was put off for July 26,
2017.
‐Business Standard


Global rang
agency Moody’s has downgraded
rangs
for 2 PSBs, Indian Overseas Bank and
Central Bank of India, Ba3 from Ba1. It affirmed
rangs
of 9 banks, including Bank of India,
Punjab Naonal
Bank and Axis Bank, at
Baa3/Prime‐3. Other banks whose rang
was
affirmed were Bank of Baroda, Canara Bank,
Oriental Bank of Commerce, Syndicate Bank,
Union Bank of India and ICICI Bank.
‐Business Standard


The mutual fund industry has approached the
SEBI seeking approval for launching rerement
funds invesng
only in long‐term government
securies,
industry sources said.
‐Moneycontrol.com


Employees of Tata Consultancy Services (TCS) will
soon meet union home minister Rajnath Singh to
tell him about the adverse effects of the
company’s decision to shi
2,000 of its staff
members to other centres.
“It is not just a maer
of internal transfer, it is a big blow to Brand
Lucknow and dent in the city’s pride ,
” said an
employee.
‐Hindustan Times
Cochin Shipyard Ltd, India’s largest largest public
sector shipyard, is set to raise about Rs 1,470
crore through an inial
public offering (IPO) that
opens on August 1 and closes on August 3.
‐Business Line


USD/INR 64.38
SENSEX 32228.27(‐17.60)
NIFTY50 9964.55(‐1.85)


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